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Canada Announces Wildfire, Drought Support for Farmers

As U.S. farmers faced drought conditions this year, so too did producers from Canada.

Recently, Canada announced support for farmers and ranchers who are dealing with extraordinary costs due to drought conditions and wildfires. Canada announced C$219 million of support available through the AgriRecovery Framework. The funding will help them recover and ensure they have the tools they need to continue to be resilient in the face of natural disasters and extreme weather events. The announcement follows the August designation of specific regions for the Livestock Tax Deferral for 2023 due to extreme weather conditions.

The Livestock Tax Deferral provision allows livestock producers who are forced to sell all or part of their breeding herd due to drought or excess moisture to defer a portion of their income from sales until the following tax year. This month, Farm Credit Canada also announced a new Replacement Heifer Program to help Canadian cattle producers in maintaining or expanding their herds.

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